Early Retirement? HERE'S HOW I'm Making it Happen. You can too! ❤️
Вставка
- Опубліковано 4 кві 2024
- In this video, I’m going to share how I went from divorced and starting over to early retirement. I'm going to tell you what I did to get ready and what my plan is for income and health insurance. My hope is to help others with ideas and personal examples. If you want to plan for early retirement, this video is for you!
Subscribe: www.youtube.com/@HappyonMonda...
**I am NOT a financial planner! This is just the story of my personal financial planning for retirement. You should do your own research and talk with your financial planner before investing.
IRA CDs video
• PROs and CONs of IRA C...
Bucket Strategy video
• Early Retirement Bucke...
Building a Bridge Account video
• How to Create an EARLY...
Safe Withdrawal Rates video
• DOES the 4% Rule WORK ...
8 Reasons to Collect Social Security ASAP video
• 8 Reasons to Collect S...
Health Insurance Options for Early Retirees video
• 6 Health Insurance Opt...
#howtoretireearly #earlyretirement #retireearly #healthinsurance #income #healthcare #lifestyle #budget #debtfree #bridge #savings #investing #ira #cds #nestegg #portfolio #401k #403b #ibonds #mutualfunds #highyieldsavings #rothira #457 #pension #buckets #socialsecurity #medicare #cobra #affordablecareact #compoundinterest #retirementsavings #frugalliving #retiresooner #retirementplanning #planningforretirement
I retired last year at 59 with 500k. I have low monthly expenses as well as have rental income and two side hustles which pay most of my monthly bills. So I’m only withdrawing maybe about 2% from my account. I also plan on taking Social Security at 62. I only have two years to go.
I love being retired. I live a modest but comfortable life. Stress free living is amazing. Being debt-free, including mortgage was the game changer. I sold my home and made enough to pay cash for a smaller home in a lower cost of living area which I love.
That is wonderful - great planning! You are living my dream! 😁
Be aware of the SS earned income limits if taking it early.
Congratulations. I retired at the same age as you, with about the same amount of money. I am now 63 and I am finally debt free. I do have a tiny pension and I try to live on the tiny pension.
That is so encouraging to hear! Congrats on getting debt free - it feels amazing! 😁
I’m planning on retiring next year when I’m 58. I’m sooooo ready!
Me too!!!! 😁
I retired 14 years ago at 50 on about 750k. No debt. Mostly real estate investments that produced good income. We live in Thailand where the cost of living is about a third of the cost of living in the U.S. now I have almost 2 million with some good investing as well as my social security so about 7k a month for life.
Wow - that's incredible! Congrats! 😁
😮❤🎉
Have just watched this in England not understanding most of it! Wishing you a very happy retirement. I left teaching for supply teaching at 55. I used this money to tide me over until I got my teaching pension at 60. I hadn't appreciated the pressure I was under until I was free from. It was like a weight had been lifted from my shoulders. My state pension will begin in 2 years at 66. The freedom is worth the loss of income. Enough is plenty. All the best :-)
Thank you! All the best to you too! ☺
I live in the Midwest+ I didn't understand most of it. Don't feel bad!! Lol
New subscriber. Retired at 55! Best feeling in the world! Great advice about having a bridge account. Yes, it’s all about expenses! I’m definitely taking SS at 62 and will invest it. Not sure who started the “you need a million dollars to retire” thing but they should be tarred and feathered!! 😂
There isn't a cost of living calculator for no reason. Somebody can manage extremely well in one area but just lucky to survive somewhere else.
Wow, you got married young, me at 27, divorced at 44. I’m about your age, debt free, frugal living, and investing is key. I think your doing great.
Thank you! Yes, I got married at 20, divorced at 50. Debt free, frugal living, and investing for sure!!😁
Very impressed with your paying off your mortgage and having saved so much in less than 10 years! brava👏👏👏
Thank you! I have worked very hard at it! ☺
Great stuff! Thanks for sharing.
You are welcome! 😁
Lady, you’re FABULOUS! Thanks so much for the encouragement and information sharing!
Thank you! You are very welcome! ☺
first vid in this topic that discussed everything on point on easy to understand language and i’ve been watching many for couple of months . thank you
You are very welcome!
Thanks for sharing. Very helpful as we review what we are doing. Big congrats!
You're welcome & thank you! ☺
What you have accomplished given what you faced it truly outstanding. Few people have the discipline to achieve this. All the best, and enjoy your retirement and the fruits of your labor.
Thank you! ☺
Great information … I feel a bit of hope coming back after hearing this video!! 😊❤
Thank you. I'm so glad!
Congratulations!! 2 months will go by quickly!! Thanks for the info.
Thank you!! And you are very welcome. ☺
I’m planning on retiring next year at 62, will draw social security and work a part-time job. I started working full time at 20, worked all through motherhood and college, so I am so ready to put corporate America behind me! Great video!
Yes! You deserve to be done! 😃
@@HappyonMondayThank you! You too! 🎉 I’m hoping to sell Medicare supplemental plans, part-time. Working in healthcare now so I have knowledge of health insurance.
@@Lulusvideos1 That's a great plan! 😁
Congratulations on your retirement & thank you so much for sharing. I'm in the planning stages now as well & I would love to see a template of your planning spreadsheet if available.
Thank you! I'll try to share it in a future video. ☺
Wow you are SO organized, very impressive. Thanks for sharing!
Thank you! And you are very welcome. ☺
Happy For ya ... You go Girl !!!!!🎉
Thank you! ☺
I just found your channel. Thanks for sharing 👍🏽 definitely been thinking about retiring early.
You're welcome 😊
Congratulations 🎉 We are aiming for early 50s and started in our mid 40s. We are over 1/2 way through the journey and loving the ride!
That is awesome! I wish I had started sooner. 😁
I'm so happy I found your channel 😊
I'm happy you found it too! 😄
Congratulations. Excellent story. It gives me hope I can do it.
Thank you! You CAN do it!! 😁
How exciting and congrats Julie!🎉This video is a great summary of your retirement journey thus far. Your channel is inspiring and I hope to retire from teaching as well. I'm single and have been working hard to pay off my mortgage, save for my bridge account and tossing/donating my teacher material.
Thank you so much! It's a lot of work isn't it? Ive also been tossing/donating my teacher materials over the last several months. 😁
Congratulations! Great to hear that! Only 1 month left :) I retire at 38 in 2022, still much appreciate what you share on this channel.
Thank you 😊
I just subscribed to help you get to 1K! Thanks for sharing your story!
Thank you!! 😄
Appreciate your insight! It's been stressful at times not knowing which path to take. In a year mortgage will be paid off. Looking into affordable health insurance in California currently. Glad I found your page.
Thank you! Yes, it is a stressful journey. I hope you find my videos helpful! ☺
Hey there. Literally just started watching you this second. I’m 58 with 50,000 saved for retirement but I have no debt and make 115k per year. I’m excited what I can do over the next 5-8 years.
That's awesome! You should be able to build a good nest egg in 5 - 8 years! 😁
Thanks so much. I’m playing serious catch up with the desire to retire early. I’ve been in production my whole life and it’s getting tiresome
@@patricklund5241 I hear you!
@@HappyonMonday my daughter is a special education teacher, teaching fourth and fifth grade in South Carolina, so I can sympathize with the money that teachers get paid nowadays. It’s sinful.
@@patricklund5241 It is for sure! 👍
Your content is just what I needed! New subscriber!
Thank you! 🥰
Awesome, informative video!! I also started late in life, I’m 58 now, and I’m saving aggressively. Thank you for the inspiration!
You are welcome!! You can do this! 😁
I hope to retire early too. Thank you for sharing Julie.
You are welcome! 😁
Another great presentation. Love your style.
Thank you!! I love hearing that! 🙂
New subscriber here and have watched several of your videos. Congrats that you planned so well and took the plunge! I am a former high school teacher turned medical software educator and just turned 60, so your videos resonate with me. Like your educator style in your videos....the clipboard on the left with memes, etc. Very creative. Will continue to watch and dig your analytical mind....I too, keep spreadsheets, lol. Jesus bless you!
Thank you so much! ☺
Thank you for this. I came across it by happenstance and I’m happy I did 😊.
You are so welcome - I'm glad you came across it too! ☺
Great video, sounds like you got this going on. My retirement earlier this year at 61 years old was paying off those debts before retirement. Have a great day!!
Thank you!! ☺
New subscriber! Love your content! So informative and helpful 🙂
Thank you and welcome! ☺
Very helpful information😊😊😊
Thanks! I'm glad it was helpful 😃
This video is gery inspiring. Im going through my pension and monthly expenses. I have no debt. Im getting inspired by this video that i also can retire early. Great info. 😃
That's great! 😃Good luck!
Congratulations 🎉 🎊 👏 on your retirement 👏
Thank you! ☺
Great videos. Just subscribed!
Awesome - thank you! 😁
Highly recommend a part-time side job ASAP (tutoring, foster child visits "monitor" heck, even a pizza delivery gig pays pretty good) and avoid withdrawing from your bridge accounts as long as possible.
Yes that's my tentative plan! ☺
Awesome content.
Thank you! 😁
Where did you learn all of this! Awesome 👏
I just spent hours and hours reading books & blogs and listening to podcasts! ☺
Subscribed to get you to 991. Best of luck!
Thank you so much! ☺
Wow 👌 fantastic progress, you're a financial wizz kid .
I'm coming up on 64 , divorced 15 years and similar amount saved. House is paid off but property taxes are high. You're a little braver than me I think. I'm thinking to wait till I'm 65 .social security will be about $1900 🤔
Thank you! There's no one right age to retire. It's different for everyone! If your AGI is lower, you should check out my video on freezing preoperty taxes! 😁
Just subscribed❤ love this type of videos. I CAN retire at 58 but may work until 61.
Thank you! It's nice to have the choice! ☺
Very helpful. I 'm about to take the plunge at 60. Got back from Italy last month and realized how money focused we are in the USA. Pretty sad. Your're doing the right thing.
Thank you - that's awesome to hear!! 😁
Thank you, I am at the fork on the road, can't compete with my old self
Absolutely! ☺
Can you talk more on freeze property taxes? I recently purchased a house and very young but that sound likes something I need to add to my future calender!
Yes! I have a video about this. 😁 ua-cam.com/video/ZCpC3YX23q8/v-deo.html
I turn 58 next month. About to give notice but its a scary step! I have about $1.3M with my paid off condo. Most likely i will move to Belgrade where living cost is a third of Los Angeles.
It is scary putting in your notice! And a little weird. But also very satisfying! Sounds like you're set! 😁
This was so good! I'm a single woman 56, and over the past year the itch to retire has gotten stronger, but I'm scared to make the leap. I have started planning though - looking at ways to cut unnecessary expenses, working towards paying off my mortgage, and building a bridge account. May I ask what you meant about "freezing" your property taxes? I'm in CA and my property taxes are close to $5,000 per year. They increase every year so I worry about being able to pay them in retirement years without depleting all of my funds. I just subscribed to your channel and am off to peruse your videos!
Thank you! Good job getting started on things! Depending on the state you live in, somewhere between the ages of 61 to 65, you may be eligible for a property tax exemption. This exemption is often referred to as a homestead exemption for seniors or as a “senior freeze.” I have a video that explains this! Thanks for subscribing! ☺
@@HappyonMonday Thank you so much, will be checking out soon!
Great to hear that. I have retired at 62 as of Dec. 2023. Currently living of bridge account and tiny company pension, at 65 will start my social security. Very frugal living, significant downsize, zero debt. Budget and living below means. All my money is in CDs. No market roulette.
Thank you! That sounds similar to my strategy! 😁
Same here. Cd rates are pretty good. I have been taking advantage of 3 month cds with 5% interest rates
@@notyet2345 👍
I am fully retiring at 66. I only have my SS along with my husband's and his small pension. You can retire without hundreds of thousands of dollars when you retire if you live frugally and minimally within your means. It can be done. People who think they need a fortune banked in order to do it is the biggest lie we've ever been force fed by society...
Yes! I agree 100% 😁
Agree, my mother did it. She retired at 63, SS and a small pension, when her company moved out of state. She lived frugally, and was still able to travel a few times a year. She lived to be 94.
I know you are not a financial advisor, but your video was excellent. Good luck on retirement. I do recommend a side gig, at lest for a few years maybe until turn 65. If you can let your portfolio grow until then, I think you will be fine. But as you said, the key is expenses. Great that you got rid of the mortgage too. Have you figured out how much after pension and SS @ 62 you will need?
Thank you! Yes, I plan to have side gigs for sure. I have estimated how much I will need after SS & pension. I talk about it in my 2 newest videos! 😃
I am inspired,
That makes my day! Thank you! ☺
Newly subsribed! Thanks for putting yourself out there with financial transparency. I'll be 54 in Oct and was planning to retire from my school librarian job in June 2025, but with so many instructional staff leaving teaching, my district is now going to offer DROP, in an attempt to retain us old-timers who started before 2000 and are 55+. It's a pretty sweet deal, so now I'm looking at a 2027 or 2028 retirement. Would you be willing to share a "make a copy" link to your date planning spreadsheet?
You're welcome! I created a spreadsheet timeline calendar but I can’t for the life of me figure out how to create a downloadable link for it! So the best I can do is tell you it’s just a (5 - 10) year month by month calendar that I added these things on:
Let employer know about retirement.
Apply for retirement.
Sign up for healthcare (COBRA, ACA, etc.) a couple months ahead
List income sources and start dates (pensions, SS, IRAs, CD ladders, etc.)
List when you can draw from retirement (59 ½)
When to apply for property tax exemption
When to file for SS (at least 30 days ahead)
When SS will start
When to apply for Medicare (3 months before you turn 65)
@@HappyonMonday thanks so much for sharing!
@@HappyonMonday PS. You stated that spreadsheets are your jam. Maybe consider selling them on etsy and a website.
47, Teacher here too. I have a few accounts. I would love to go early but if I go out before 37 1/2 years, which is beyond a ridiculous amount of time to be in such a high burnout profession, I will only get about 40% of my pension. You threw out a lot of info that I need to consider. I have lost a lot of loved ones within the past 5 years and some very recently. I keep finding myself thinking about the time I actually have and how many healthy years I would have left if I worked to that specified time. I want my life and health. Therefore, I have to be diligent right now in order to work a better option. Thank you for this video. It just popped up in my feed more than likely due to the conversations I've been having lately.
That is exactly how I feel. That's why I decided to take the leap and retire early! And yes, it is definitley a high burnout profession! 😔
NYC 53 year old teacher here. I'm about to give up 27% of my pension because I'm supposed to retire at 55 with 25 years. I can't do it no more so I can totally relate. I did a lot of over time and invested in real estate in addition to maxing out my retirement accounts. See where you can cut back and try to save for your freedom.
@@beatricerights Thank you! Trust me, I'm trying everyday. This year I am going up on my contribution. I sold my rental last summer and have been looking for another ever since but with the market the way it is, I've had no luck. My birthday is in August, I'll officially be 47. I told myself, that I need to have a solid plan on paper to have all or most debts cleared so I can make moves from there. Most of my money actually goes out the door on bills at this point. "They" never tell people that this profession is merely a trap. 🤷🏾♀️
@@beatricerights That is me too. I just couldn't do it anymore!! 😒
@@TheMarvelousBeautyChannel1 It sounds like you're headed in the right direction. Hang in there!! 🤗
My story is so similar! Divorced in 2017 at age 54 after 34 years of marriage. My financial path forward is identical to yours except that I am renting. I retired in January and supplementing my savings with a part-time job in a lovely gift store just steps from my apartment… I love my new life! Well worth the sacrifice!
Good for you! 😃Lots of people rent in retirement. I'm glad you love your new life! I'm almost there!
👏🏾👏🏾❤️
Retired at 58 here. You can do it if you are frugal and have put some money away and can create income. Many instruments to be able to do that. Frugality is key. Get your budget down pat. Understand what you are spending money on and if you aren’t using it, get rid of it, memberships, subscriptions, and junk. Don’t buy junk. Put it into a high yield etf. Learn how to sell premium. Stay frugal.
I 100% 👍 agree!!
Great story and useful, practical info. I just subscribed so I can follow your journey. But if could make a suggestion, try to relax a bit more. I don't think you blinked more than a few times. 😊 I follow a lot of financial youtubers and many of them strive for a more conversational style- especially if/when dealing with dry material.
Im 42 and hoping for early retirement but also need to buy a house someday- I haven't quite figured out how to manage that while maintaining a good savings rate.
Thank you! Yes, I'm definitley not comfortable in front of the camera. I'm working on it! 😁
@@HappyonMonday I don't even like listening to my own voice in recordings so you're already way braver than me. Lol I think it just takes time, but hopefully as you get comfortable it will also be more fun!
@@roguered706 Hopefully! 😁
@@HappyonMonday😄👍🏽❤️
I saw another video and was baffled how you were going to get around the early distribution penalties on your retirement accounts. I thought you were in your early 40's at the latest. I have to say you look way younger than your age. Good luck on your retirement. I am also going to be retiring this December 1st. I have around $650K in all and have a diversified dividend portfolio that I will be living off of. My wife and I cant wait.
LOL that's funny! But thank you. 😁Sounds like you guys have a good plan - good luck! December will be here before you know it!
Hi again Happy on Monday! I'd love to invite a phone chat with you (if you're avail for that interaction) to ask your advice on my current plan. I've followed your channel and it's great to hear you're making the big leap --- goodbye tension, hello pension 😃 you deserve it!
Thank you!! I'm not a financial advisor though. I would hate to give you the wrong advice. There is a financial advisor I found on FB that offers a free phone call! His name is Eric R. Gaddy. Here is a link to his calendar. calendly.com/securer.../free-hour-retirement-session I've been thinking about talking to him myself! ☺
@@HappyonMonday ok 👍🏽 thanks! No worries not being formal financial advisor. I appreciate your experience and know I'd benefit from hearing your thoughts and feedback given what I have. I'll definitely look up the link you've provided. Excited for your next steps 🙌🏽
@@jnsa9454 Thank you!
Technically early but I retired at 59 with a full pension and employer paid healthcare but I find your frugal living info comforting because I plan to live that way in retirement
Nice - the fact that you havr healthcare is great! Good luck! ☺
You can do it 👍
Thank you! ☺
When there's a will. There's a way
You're definitely in the sweet spot; I'm 45 with nothing saved; only saving grace is a military pension and a paid off home, being rented out as I relocated overseas a year ago.
I didn't really start saving or trying to pay off my house until I was over 50! So you have time to save. ☺
So glad I found your video! I went through a divorce in 2019 and got stuck with a mountain of debt, including the cost of the divorce. Then 2020 hit and I lost my job. Finally got a job in 2021 only to get laid off 10 months later. Oy vey! Got another job and got laid off again in 22. Because of the lack of job stability it took me 6 years to get my debt paid off. Still have a small car loan but I realized I needed to start saving ASAP. Working three jobs is helping and finally opened a Roth last year. I’m 48 and I’ve been so panicked. I have zero retirement. But I still have all three jobs so if I lose one I at least have two back ups! Biggest challenge is even with three jobs the inflation makes it harder to save. But your video gives me hope!!! Maybe in ten to twenty years I can get a couple hundred saved up. It seems very very far away but that seems far more doable than a million. Thank you for doing this video. Most retirement info out there is geared for people in their 20’s and 30’s and assume people have a lot of time to build.
You are so welcome! It's an awful situation to be in. I've been there! The good news is you have time! I didn't start saving until I was 50! You got this! 😁
You’re only 48! You have a lot of time to save and invest…. you’ll be a-ok.
@@tess7798 Thank you for the encouragement!
I have the same amount but no home. I can't see getting off the work hamster wheel but the commute is starting to affect my health. I feel like work has already consumed my healthy years.
Absolutley! Even the greatest job can take a toll on your mind and body. Good luck! 👍
Thailand. Rent a 200 month condo on the beach. You can live for around 5k a year. You can also draw your social security overseas. health insurance is 70 dollars a month if your over 50. Best hospitals in the world. wonderful people, no crime, just easy living.
@@evans1875 Wow - that sounds like heaven!
I have watched hundreds if not thousands of videos about 'retirement' after starting over, but I think this is probably one of the most thoroughly explained. EXCEPT, how did you get from 150k to 450k with a house and no debt in such a short time? But maybe you have explained that in other videos? this is the first one of yours I have watched. I have a house that is almost paid for, but nothing else. Trying to pay it off to be debt free. No investments. Not sure what is next.
Thank you! It was not easy. I live very frugally. I am also finally in my highest earning years as a teacher. I have been investing over half of my income in retirement accounts. I was very driven with the goal of retiring early! 😁
I just subscribed! Thank you for your boldness to share your numbers. My remote tech contract just ended, I'm 55 with no debt and choosing to live with my funny yet stubborn lol octogenarian mom to build my dream escape plan to retire around 58. I'm single, childless and feel confident I can get by leaving the corporate, full time, ball and chain traditional work world. My plan is to make enough to cover insurances monthly and my household contributions. Car is paid off. But I do need to plan for less tax impact to my post 62 retirement draws. Will be watching your helpful videos!
@@sillynotionsft Thank you and good for you!! I feel exactly the same way! 😃
Striving for financial independence also slows the aging process apparently. 🤷♂ Or is that a yesterday vs today picture in the title? I am feeling cheated right now. 😁 Great video, thank you 👍🏻.
LOL That is a pic of me when I was 50 and one now. 😆
@@HappyonMonday how come I am aging so badly? Life is unfair sometimes 😥😂. Appreciate you 👍🏻
@@ibenglish I'm sure you're not. We are critical of ourselves! 🤗
What health coverage ,health insurance do you recommend if retiring before being eligible for Medicare?
I have a video about health insurance options. ua-cam.com/video/AGXWM9-zot4/v-deo.html I hope this helps! ☺
I was hoping to see what your total estimated monthly expenses were going to be when you retire. I was also curious about how you are able to freeze your property taxes. So where do you live that makes that possible? I currently live in Charlotte, NC.
My total monthly expenses will be around $3,400. I have a video coming out on Friday where I talk about this! I have a video about freezing property taxes. I live in Washington state. ☺ ua-cam.com/video/ZCpC3YX23q8/v-deo.html
Good luck getting monetized! Not sure if you've thought of getting dividends on your stocks? It's something I'm planning to do.
Definitely an option!
Can you do a video on IRA CDs?
I have a video on IRA CDs! ua-cam.com/video/pi3_dtxkW6c/v-deo.htmlsi=Qagnj6cOftl1wbWY
I have decided to take SS at 62 also in 2.5 years. While I will have a reduced SS I will also not have to draw as much from my portfolio for 5 extra years giving me that time for compounding and reinvesting my dividend income.
I think that's a great plan! 😁
I can retire at 56.5 with a federal pension. I will also drew social security at 62. You will probably never recooperate the money you put off until 65 or 70.
That is awesome! I'm definitely taking SS at 62. 😁
Not sure if you mentioned it but what state are you in? Would you consider moving outside the US since the cost is cheaper in some areas?
I live in Washington state. I LOVE traveling outside the U.S., but I don't think I could live that far away from my family and grandbabies! ☺
Congratulations on getting monetized🎉 and retirement seems oh so far away so any strategies to no longer work prior to that age 😅
Thank you! The best advice I have is to pay off debt and live below your means as much as possible! 😁
I’m married and found out if I only withdraw our standard deduction from my 401k and have no other taxable income I will pay no tax. But I will have to convert it to a ira first
Awesome! Good planning 👌
I’m 44 with the goal of retiring in 10 years.
That's great! 10 years gives you lots of time to plan & save! 😃
I retired at 35 years old last year 2023.
Wow! That's amazing! Good job planning!! 😁
What general area of the US do you live in (for cost of living)?
I live in Washington state. ☺
No one mentions medical insurance, what do you do?
I have a video about health insurance options for early retirees! 😃
Why would you need a bridge account when you can use the rule of 55 for withdrawals from your 401k
I could have used the rule of 55, but I didn't want to start drawing down my retirement so early if I could avoid it. 😀
I like the cut of your jib. I'm subscribing.
Awesome - thanks! 😁
I’m 52. I have an old 401k from an old employer with 160k. With my new employer I have a new 401k with 16k. I have zero debt and 800 + credit score, no home - I rent. No car payment. No saving because everything I save goes to pay off my daughter’s tuition. I don’t want her to incur loans. She has two more years left. Not sure what I need to do to secure my retirement at an early age. Time is most important to me as well
That's a hard one. I also helped pay for my kids' college tuition. If she just has 2 years left you could just continue to be frugal and in 2 years start saving like crazy. Good luck!
The average cost of a nursing home is $120K per year. How do you expect to pay that if you need such a service when you're older?
According to my research The average person lives 3 - 4 years in long term care. LTC could cost around $4K/month ($48K/year) on average. If I ended up in LTC, I could sell my house and that would cover at least 7 years of LTC.
@@HappyonMonday Well hopefully you never need it, but I can tell you from personal experience with family members who have needed that type of care in the last years of their life, it is very expensive and will likely become even more so in the future. Whatever we budgeted for their care, it was always more expensive than planned. If you have a way to earn income, I would hold on to that for as long as possible and even go back to work if need be.
@@casienwhey Thank you. I hope I never need it too! I'm sorry you had to go through that with family.
Wow you don't look 59. I retired recently at 67 with over $3.5 million is retirement and investments (stocks/70% - bonds 30% approx), no debt but bored and looking to go back to work, but likely at a much lower salary. Its not about money any more but about being engaged with people. Working on my own terms will be different, it I don't like the job will quit and find something else. The option not to work is what is nice. Waiting to take SS when I am 70. In my opinion retirement is oversold.
Thank you! I'm 58 LOL. I agree 100%. JL Collins calls this F-you money, when you have enough money that you can walk away from a job if you want too! 😁
Freezing property taxes? I'm Canadian, I've never heard of that! I'm retired and our city is increasing property taxes by 32%!!
Property taxes are awful!! I don't know if they have property tax exemption in Canada but I would look into it!
@@HappyonMonday we don't have it!
@@Jacquie_Kirk_111 Darn! I'm sorry! 😕
Subscribe to get your You Tube Channel rolling. Excellent video in 10 minutes compare to some Financial advisors, CPAs... Thank you!
Thank you! ☺
why did you not do Dividend investments?
Well I sort of did. My retirement accounts are in stocks/bonds.
@@HappyonMonday I put about 200000 in dividend stocks and get around $1500 each month in dividends. I dont buy or sale them. Some are qualified and some are 199a dividends. That way you dont spend all your money down. I look at it as a generational wealth approach to leave the principle to my kids.
@@tsland4056 That's awesome! I'll have to look into that! 😁
I was just told that your last years income will dictate the cost of medicare
I believe that is correct. But I think it is adjusted if your income goes down the following year.
Dreeeeam dream, dream.. dream - dreeeeeeam …. Wherever I go , dream dream dream …
Care to elaborate? LOL 😆
Doesn’t your employer give you health insurance upon retirement? I am a municipal employee in New York and if I left now I would have it for free.
No they don't 😔 I wish they did! I can do COBRA for about $700/month. You are lucky to have that option! 😁
Just discovered your channel. Because you are retiring, can't you start ACA health insurance immediately, so you can avoid the high cost of COBRA?
@@deborahgilstrap5872 I could, but I wouldn't qualify for subsidies since I will have my regular income in 2024. In 2025, I will be in a much lower tax bracket and will qualify for ACA subsidies! ☺It looks like ACA would be about $500/month in 2024, so I may do ACA instead of COBRA. Thanks!
Great content, but you don’t need all the sound effects! Makes it really hard to listen to you.
Thanks! I have a poll on the community page about this. It seems the majority likes them. But I am going to make an effort to reduce them some in the future. ☺
Paid off mortgage....
Good job! 😁👍
I thought teachers gets pension because it’s technically government job 🤔
Teachers can get a pension if they work enough years in the same state system. I will have a small pension, about $681 a month.
im not sure what it is with americans wanting millions to retire on ? lots of people in the uk only have 20 to 30 k in their retirement fund if that .plenty only retire with a state pension .social security ....it seems to me americans want 4/5 holidays a year and a lifestyle like they are working ....if youve paid off your home and you dont have mortgage or rent .then your ok .its those who are still paying rent that will suffer or still paying mortgage ...
I agree! You do NOT need a million dollars. 😁
Do you have an email? I would love to bounce some things off you to help with my stress levels
I was told not to give out my email or phone on UA-cam because there are so may scammers and bots now days! - I'm sure you're not one of those! But I'm happy to reply to comments! 😁
@@HappyonMonday I completely understand and am glad you’re being cautious! As questions or circumstances arise, I promise to ask you questions
@@patricklund5241 Awesome - thank you! I will do my best to answer them! 😁
@@HappyonMonday Quick question…again you know my situation moneywise. I rent an apartment and it’s pretty expensive. I have about 20k in the bank aside from my 401k. At my age and considering my current limitations, does it make any sense to buy a small home? It would take a while to save enough for a down payment etc. Your thoughts?
@@patricklund5241 There are so may different opinions on this subject! It really depends on so many things. You could continue to save money while you think about it and keep an eye on the housing market. If you save enough for a down payment and the perfect house becomes available at the right price then you're ready to make an offer! But it really depends on what you want. Lots of people live in apartments in retirement.
Wait a minute here. If you’re a teacher you will be retiring a millionaire in the value of that pension.
I don't think $681 a month constitutes a millionaire. 😆
@@HappyonMonday I work with guys whose wives are teachers and they all brag about how much pension they will get when they retire. So much they aren’t even saving for themselves. I’m in Ohio. Average teacher pension is over 4k a month. It does vary greatly by district but some could receiver 70-80k a year.
@@52CA OK that makes sense. Teachers in Ohio do not get any Social Security. If they work as a teacher for over 30 years, they could get a good size pension since they don't get SS. But that is not the case for most teachers!